a turning point for coal?
Feb
My reaction to the story in today's New York Times about the proposed buyout of TXU was echoed in David Roberts' opening line of his post on Gristmill: Holy sh*t! This is huge.
As Charles Barkley would say: huge in $45 billion ways!
- huge because this would be the largest leveraged buyout ever
- huge because TXU will abandon plans to build 8 of 11 coal plants and commit to a broad menu of environmental measures
- huge because TXU will now have to figure out ways to produce 9,000 megawatts of clean power
- huge because the two private equity firms behind the deal (Kohlberg Kravis Roberts & Company and the Texas Pacific Group) worked closely with Environmental Defense and Natural Resources Defense Council to seek their support for the transaction
There's a new sheriff in town that has a vision on energy production that does not include fighting every environmental concern or regulation that comes along.
NRDC's David Hawkins had this to say:
We have history’s largest purchase of a power company, with the new owners wanting to move the company in a direction that is consistent with a world that takes global warming seriously.
The proposed deal will be considered by TXU's board today.
Stay tuned.
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